Global Oil Country Tubular Goods (OCTG) Market Growth 2026-2032
Description
The global Oil Country Tubular Goods (OCTG) market size is predicted to grow from US$ 16365 million in 2025 to US$ 24026 million in 2032; it is expected to grow at a CAGR of 5.7% from 2026 to 2032.
OCTG is the abbreviation of oil country tubular goods, also known as oil well pipe in China. It refers to a kind of steel pipe specially used for oil and gas exploitation, most of which are seamless, but welded pipe also accounts for a considerable proportion. It can be divided into four categories: oil pipe, casing pipe, drill pipe and pipeline pipe. According to the material and properties of the steel pipe, the oil well pipe is divided into different steel grades. Different steel grades represent different metal elements composition, process requirements and corresponding performance conditions. According to the chemical composition, tensile properties, yield strength and hardness requirements, oil well pipes are generally divided into four groups according to API classification method, with 11 steel grades and 19 specifications. According to the different yield strength and properties of products, there are low and medium grade steel and high grade oil well pipe. In addition to API, there are some non API oil well pipes, which are mainly for steel grade. The appearance of non API grade steel is due to the situation of ultra deep well, high temperature and high temperature and different corrosion composition with the exploration and exploitation of oil and gas. The oil well pipe and steel pipe production enterprises must adjust the metal element composition in the pipe body or adopt different processing methods to treat the steel pipe, so as to meet the performance requirements of different environments.
The OCTG market is primarily driven by the recovery and structural upgrading of global oil and gas exploration and production activities. Sustained energy demand and the long-term role of oil and gas in the global energy mix continue to support drilling activity, including new wells, reworking of existing wells, and field redevelopment. In addition, the increasing share of unconventional resources such as shale oil and gas, deepwater fields, and high-pressure/high-temperature (HPHT) wells significantly boosts demand for high-grade, high-performance OCTG. Greater emphasis by operators on well integrity, safety, and life-cycle cost efficiency, along with rising requirements for corrosion resistance and sour-service performance, further underpins long-term growth in the OCTG market.
In terms of product types, OCTG can be generally divided into Casing, Tubing and others. In 2025, the market share of OCTG(Tubing) is the largest, accounting for about 78%. In terms of product application, OCTG can be mainly used on Onshore and Offshore, among which, in 2025, the application in the field of Onshore accounts for the largest proportion, about 67%.
LP Information, Inc. (LPI) ' newest research report, the “Oil Country Tubular Goods (OCTG) Industry Forecast” looks at past sales and reviews total world Oil Country Tubular Goods (OCTG) sales in 2025, providing a comprehensive analysis by region and market sector of projected Oil Country Tubular Goods (OCTG) sales for 2026 through 2032. With Oil Country Tubular Goods (OCTG) sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Oil Country Tubular Goods (OCTG) industry.
This Insight Report provides a comprehensive analysis of the global Oil Country Tubular Goods (OCTG) landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Oil Country Tubular Goods (OCTG) portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Oil Country Tubular Goods (OCTG) market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Oil Country Tubular Goods (OCTG) and breaks down the forecast by Manufacturing Process, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Oil Country Tubular Goods (OCTG).
This report presents a comprehensive overview, market shares, and growth opportunities of Oil Country Tubular Goods (OCTG) market by product type, application, key manufacturers and key regions and countries.
Segmentation by Manufacturing Process:
Seamless
Welded
Segmentation by Product Type:
Casing
Tubing
Drill Pipe
Segmentation by Grade and Performance:
Standard Grade
High-Strength Grade
Corrosion-Resistant Alloy Grade
Sour-Service Grade
Others
Segmentation by Application:
Onshore
Offshore
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.
Tenaris
Vallourec
TMK Group
Nippon Steel Corporation
U. S. Steel Tubular Products
ArcelorMittal
SANDVIK
Zekelman Industries
SB international Inc
Continental Alloys and Services
Baoshan Iron and Steel Co.,Ltd.
JJiangsu Changbao Steeltube
Hunan Valin Iron & Steel Group
Tianjin Steel Pipe Group (TPCO)
JFE
Interpipe
Voestalpine
Evraz
JESCO
DALIPAL
Jindal Group
SeAH Steel
Nexteel
Hyundai Steel
Key Questions Addressed in this Report
What is the 10-year outlook for the global Oil Country Tubular Goods (OCTG) market?
What factors are driving Oil Country Tubular Goods (OCTG) market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do Oil Country Tubular Goods (OCTG) market opportunities vary by end market size?
How does Oil Country Tubular Goods (OCTG) break out by Manufacturing Process, by Application?
Please note: The report will take approximately 2 business days to prepare and deliver.
OCTG is the abbreviation of oil country tubular goods, also known as oil well pipe in China. It refers to a kind of steel pipe specially used for oil and gas exploitation, most of which are seamless, but welded pipe also accounts for a considerable proportion. It can be divided into four categories: oil pipe, casing pipe, drill pipe and pipeline pipe. According to the material and properties of the steel pipe, the oil well pipe is divided into different steel grades. Different steel grades represent different metal elements composition, process requirements and corresponding performance conditions. According to the chemical composition, tensile properties, yield strength and hardness requirements, oil well pipes are generally divided into four groups according to API classification method, with 11 steel grades and 19 specifications. According to the different yield strength and properties of products, there are low and medium grade steel and high grade oil well pipe. In addition to API, there are some non API oil well pipes, which are mainly for steel grade. The appearance of non API grade steel is due to the situation of ultra deep well, high temperature and high temperature and different corrosion composition with the exploration and exploitation of oil and gas. The oil well pipe and steel pipe production enterprises must adjust the metal element composition in the pipe body or adopt different processing methods to treat the steel pipe, so as to meet the performance requirements of different environments.
The OCTG market is primarily driven by the recovery and structural upgrading of global oil and gas exploration and production activities. Sustained energy demand and the long-term role of oil and gas in the global energy mix continue to support drilling activity, including new wells, reworking of existing wells, and field redevelopment. In addition, the increasing share of unconventional resources such as shale oil and gas, deepwater fields, and high-pressure/high-temperature (HPHT) wells significantly boosts demand for high-grade, high-performance OCTG. Greater emphasis by operators on well integrity, safety, and life-cycle cost efficiency, along with rising requirements for corrosion resistance and sour-service performance, further underpins long-term growth in the OCTG market.
In terms of product types, OCTG can be generally divided into Casing, Tubing and others. In 2025, the market share of OCTG(Tubing) is the largest, accounting for about 78%. In terms of product application, OCTG can be mainly used on Onshore and Offshore, among which, in 2025, the application in the field of Onshore accounts for the largest proportion, about 67%.
LP Information, Inc. (LPI) ' newest research report, the “Oil Country Tubular Goods (OCTG) Industry Forecast” looks at past sales and reviews total world Oil Country Tubular Goods (OCTG) sales in 2025, providing a comprehensive analysis by region and market sector of projected Oil Country Tubular Goods (OCTG) sales for 2026 through 2032. With Oil Country Tubular Goods (OCTG) sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Oil Country Tubular Goods (OCTG) industry.
This Insight Report provides a comprehensive analysis of the global Oil Country Tubular Goods (OCTG) landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Oil Country Tubular Goods (OCTG) portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Oil Country Tubular Goods (OCTG) market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Oil Country Tubular Goods (OCTG) and breaks down the forecast by Manufacturing Process, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Oil Country Tubular Goods (OCTG).
This report presents a comprehensive overview, market shares, and growth opportunities of Oil Country Tubular Goods (OCTG) market by product type, application, key manufacturers and key regions and countries.
Segmentation by Manufacturing Process:
Seamless
Welded
Segmentation by Product Type:
Casing
Tubing
Drill Pipe
Segmentation by Grade and Performance:
Standard Grade
High-Strength Grade
Corrosion-Resistant Alloy Grade
Sour-Service Grade
Others
Segmentation by Application:
Onshore
Offshore
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.
Tenaris
Vallourec
TMK Group
Nippon Steel Corporation
U. S. Steel Tubular Products
ArcelorMittal
SANDVIK
Zekelman Industries
SB international Inc
Continental Alloys and Services
Baoshan Iron and Steel Co.,Ltd.
JJiangsu Changbao Steeltube
Hunan Valin Iron & Steel Group
Tianjin Steel Pipe Group (TPCO)
JFE
Interpipe
Voestalpine
Evraz
JESCO
DALIPAL
Jindal Group
SeAH Steel
Nexteel
Hyundai Steel
Key Questions Addressed in this Report
What is the 10-year outlook for the global Oil Country Tubular Goods (OCTG) market?
What factors are driving Oil Country Tubular Goods (OCTG) market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do Oil Country Tubular Goods (OCTG) market opportunities vary by end market size?
How does Oil Country Tubular Goods (OCTG) break out by Manufacturing Process, by Application?
Please note: The report will take approximately 2 business days to prepare and deliver.
Table of Contents
148 Pages
- *This is a tentative TOC and the final deliverable is subject to change.*
- 1 Scope of the Report
- 2 Executive Summary
- 3 Global by Company
- 4 World Historic Review for Oil Country Tubular Goods (OCTG) by Geographic Region
- 5 Americas
- 6 APAC
- 7 Europe
- 8 Middle East & Africa
- 9 Market Drivers, Challenges and Trends
- 10 Manufacturing Cost Structure Analysis
- 11 Marketing, Distributors and Customer
- 12 World Forecast Review for Oil Country Tubular Goods (OCTG) by Geographic Region
- 13 Key Players Analysis
- 14 Research Findings and Conclusion
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